SB 201 Summary

• Transfers administration of the state employee deferred compensation fund from the Deferred Compensation Commission to the Board of Trustees of the Missouri State Employees' Retirement System, effective prior to August 28, 2007.

• Implements automatic enrollment in the deferred compensation plan for employees hired on or after July 1, 2012, with a mandatory 1% employer contribution unless the employee opts out within the first 30 days of employment; excludes state college and university employees from automatic enrollment.

• Establishes that beginning September 1, 2011, a married participant's surviving spouse is automatically designated as the primary beneficiary unless the spouse consented in writing to allow designation of a nonspouse beneficiary.

• Removes the "qualified participant" definition and eligibility requirements from the state matching contributions provision, allowing the state treasurer to credit up to $75 monthly per participant to a 401(a) plan subject to general assembly appropriation.

• Grants the Board of Trustees immunity from suit for administrative actions and investment decisions made under the program, provided the board acts with prudence and diligence in selecting and monitoring investment providers.